Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Operating activities      
Net income $ 89,846 $ 83,194 $ 20,275
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 21,699 20,234 14,051
Amortization 26,026 38,067 15,437
Provision for doubtful accounts 3,759 2,539 2,589
Stock-based compensation 5,136 26,622 7,562
Deferred income taxes (14,130) (10) (5,208)
Amortization of deferred financing costs and debt discount 1,754 2,041 5,561
Write-off of deferred financing charges 2,302
Excess tax benefit upon exercise of stock options (282) (2,857) (2,722)
Gains on remeasurement of contingent consideration (2,469) (16,314)
Asset impairment charge 21,003 1,593 6,915
Equity in net loss of investee 10,287 10,970
Gain on sale of business (167,895) (123,129)
Deferred income taxes and income taxes payable on gain on sale of business 58,492 22,797
Other non-cash charges (credits) (1,323) (419) 3,088
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (19,332) (86,627) (17,208)
Prepaid expenses and other (4,058) 14,654 (7,361)
Reinsurance liability reserve (4,110) (611) 3,761
Accounts payable and accrued expenses 33,365 (21,900) 28,483
Income taxes payable on gain of sale of business (30,153)
Accrued transportation costs 8,654 9,045 530
Deferred revenue (4,019) 19,043 (3,454)
Other long-term liabilities 4,462 463 (790)
Net cash provided by operating activities 41,483 13,240 55,195
Investing activities      
Purchase of property and equipment (41,216) (35,072) (23,242)
Proceeds from sale of property 1,039
Net increase (decrease) in short-term investments 239 (18) (19)
Acquisitions, net of cash acquired (3,433) (416,986)
Sale of business, net of cash sold 371,580 199,943
Equity investment (13,663) (16,072)
Restricted cash for reinsured claims losses 5,926 (2,058) (3,108)
Net cash provided by (used in) investing activities 323,905 143,290 (443,355)
Financing activities      
Proceeds from issuance of preferred stock, net of issuance costs 80,667
Preferred stock dividends (4,419) (3,928)
Repurchase of common stock, for treasury (70,378) (36,838) (524)
Proceeds from common stock issued pursuant to stock option exercise 4,108 4,894 11,019
Excess tax benefit upon exercise of stock options 282 2,857 2,722
Proceeds from long-term debt 52,500 34,000 501,200
Repayment of long-term debt (357,450) (305,125) (48,625)
Payment of contingent consideration (7,496)
Debt financing costs (247) (286) (12,769)
Capital lease payments and other (935) 73
Net cash provided by (used in) financing activities (376,539) (231,255) 453,096
Effect of exchange rate changes on cash (1,357) (911) (3,525)
Net change in cash (12,508) (75,636) 61,411
Cash at beginning of period 84,770 160,406 98,995
Cash at end of period 72,262 84,770 160,406
Cash included in current assets of discontinued operations held for sale 5,014 25,148
Cash paid for interest 9,768 16,699 10,726
Cash paid for income taxes 55,827 21,555 18,389
Accrued unfunded future equity investment capital contributions 4,654
Note receivable issued for sale of property 3,130
Purchase of equipment through capital lease obligation 4,547
PSC of Canada Exchange Corp. shares exchanged 6,961
PSC of Canada Exchange Corp. shares converted to treasury shares for fulfillment of obligation by sellersof WCG related to dispute with British Columbia 1,521
Purchase price 525,596
Cash acquired 37,159
Common stock issued for acquistions of business 38,570
Contingent consideration 30,095
Note payable to former shareholder 600
Working capital adjustments to purchase price (3,433)
Acquisitions, net of cash acquired 3,433 416,986
Amount Due to Former Share Holder [Member]      
Financing activities      
Amount due to former shareholder $ 2,186